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AIR PRODUCTS REPORTS HIGHER SALES AND NET INCOME IN FIRST QUARTER

 ALLENTOWN, Pa., Jan. 22 /PRNewswire/ -- Air Products and Chemicals, Inc. (NYSE: APD) reported net income of $69 million, or 61 cents per share, for the first quarter ended Dec. 31, 1992, compared to $64 million, or 57 cents per share, earned in last year's record first quarter.
 Net income in the current quarter included an after-tax gain of $4 million, or 4 cents per share, from non-operating activities. Sales in the current quarter rose 7 percent to $813 million compared to $760 million in last year's first quarter.
 In the current quarter, sales in industrial gases increased 3 percent while operating income decreased 1 percent. Worldwide results were mixed compared to last year. Merchant gas revenues increased reflecting slightly higher U.S. volumes and improved European prices. However, the revenue increase and productivity gains over last year were insufficient to cover cost increases. The company's tonnage gas business achieved solid results, about equal to the high levels of the year-ago quarter.
 In chemicals, first quarter sales increased 8 percent while operating income declined 10 percent compared to last year. Overall, product volumes increased, including emulsions which are closely linked to the consumer sector of the U.S. economy. Margins were adversely affected by significantly higher natural gas feedstock costs again this quarter. A favorable sales mix last year in the polyurethane additives business also affected the quarter-to-quarter comparison. The new Pasadena, Texas, polyvinyl alcohol plant performed well during the quarter.
 The environmental and energy systems business experienced strong operations in waste-to-energy and cogeneration. In addition, the new flue gas desulfurization facility in Indiana contributed positively to the results. Last year's first quarter included write-offs of development expenses associated with two discontinued waste-to-energy projects.
 The Equipment and Technology segment reported substantially higher operating income in the first quarter compared to the year-ago quarter. The majority of the increase reflected higher profit contributions from the company's cryogenic equipment business. A gain from selling the company's remaining interest in a small technology business also contributed to the quarter's results.
 The Corporate and Other segment results for the first quarter included a gain on a partial sale of stock options in an insurance company. An equivalent gain from selling the company's remaining option position will be reflected in second quarter results. The options were acquired in 1986 when Air Products participated in forming the company.
 In summarizing the first quarter and looking ahead, Air Products' Chairman H.A. Wagner said, "Softer economic conditions during the quarter, particularly in Europe, limited the capacity of our operations to exceed their profit performance in last year's record first quarter. We will continue our aggressive efforts to manage costs and improve the efficiency of our worldwide operations. Our outlook for fiscal 1993 remains positive."
 AIR PRODUCTS AND CHEMICALS, INC.
 SUMMARY OF CONSOLIDATED FINANCIAL INFORMATION
 (Unaudited; in millions, except earnings per share)
 Three Months Ended Dec. 31 1992 1991
 Sales $813.5 $760.5
 Net Income 69.0(A) 64.2
 Earnings Per Share .61(A) .57
 Average Shares Outstanding 113.6 112.6
 (A) Includes an after-tax gain of $4.2 million, or $.04 per share, from the sale of a business venture and the partial sale of stock options in an insurance company.
 -0- 1/22/93
 /CONTACT: Kevin J. Ramundo of Air Products and Chemicals, 215-481-4346/
 (APD)


CO: Air Products and Chemicals, Inc. ST: Pennsylvania IN: CHM SU:

MK -- PH004 -- 7786 01/22/93 09:35 EST
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Date:Jan 22, 1993
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